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Question 5 of 5 View Policies Show Attempt History Current Attempt in Progress 12.6/27 On August 1, Coronado, Inc. exchanged productive assets with Whispering,
Question 5 of 5 View Policies Show Attempt History Current Attempt in Progress 12.6/27 On August 1, Coronado, Inc. exchanged productive assets with Whispering, Inc. Coronado's asset is referred to below as "Asset A," and Whispering' is referred to as "Asset B." The following facts pertain to these assets. Asset A Asset B Original cost $140,160 $160,600 Accumulated depreciation (to date of exchange) 58,400 68,620 Fair value at date of exchange 87,600 109,500 Cash paid by Coronado, Inc. 21,900 Cash received by Whispering, Inc. 21,900 (a) Your Answer Correct Answer - Your answer is partially correct. Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Coronado, Inc. and Whispering, Inc. in accordance with generally accepted accounting principles. (Round answers to O decimal places, eg 5.275 Credit account titles are automatically indented when amount is entered. Do not indent manually if no entry is required, select "No Fotod for the account titles and enter for the amount
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